Finminity & EncryptClub AMA

Finminity & EncryptClub

Judy_Host of EncryptClub:Cryptocurrency price has soared after the 3-day Tomb Sweeping Festival. A host of projects have finally started to rise up after a long time silence and increased for 1–2 times at ease within a single day. All of Justin Sun’s tokens like TRX, BTT are leading the upward market.

DeFi projects have been gradually developing into the profundal zone since last month. There emerge projects-oriented lending platforms just as expected. Today, we will have AMA with Finminity, a Polkadot driven cross-chain Launchpad & DeFi investor services platform. What does Finminity do and what changes it will bring to the current crypto world? Raanngin Lahirih, Founder of Finminity and Saloni, Finminity Community Manager will share more about this project with us.

Welcome to EncryptClub, Raanngi and Saloni. Would you please introduce yourself to the audience?

Raangin: Hi, I am Raanngin, founder of Finminity. As a management consultant for 20 years working in PwC, IBM, Cognizant, and Atos and then being a serial entrepreneur and in Blockchain for the last 3 years, into VC and Angel Investing, I have seen both sides as an investor and entrepreneur. This is me www.linkedin.com/in/raanngin/

My first blockchain startup was in Agricultural Finance in the Netherlands. I sold that stake and started Finminity around a year back — to bring DeFi, Crowdfunding and Safety together for over encompassing inesvtor experience unheard in Crypto.

Shaik is our marketing head, he and we come a long way from 2012. Shaik and I came to know each other during my PwC days (2012) when Shaik was PwC’s channel partner for selling CRM services in Middle East and Africa. Shaik has been one the first IT entrepreneurs in Gulf.

www.linkedin.com/in/hamdan/

Saloni: Hi, everyone, I am Saloni, a community manager of Finminity since the past 6 months, I have been introduced to Blockchain and it’s unimaginable potential to change how investments and funding work.

Q1:What problems are you trying to solve, and how does your product uniquely solve this problem?

Raanngin: Finminity Platform leverages the Ethereum & Binance Smart Chain (BSC) blockchain to allow confidential, secure, streamlined, efficient and reliable process for Startups SMEs to close fund raising that would usually take 8 to 12 months to close, in weeks or even days and that too being compliant to basic regulatory checks (we try to be self-regulated as much as possible). We have built both the DApps /launchpad for startups to raise funds using these important chains.

But more than that — we provide Investor engagement services like Pitch Module in a nice format so that you can know more about the company you are investing, Events and Community Building and Discussion can also be done within the platform. There is also a public discussion board where questions can be asked to the company that is using the platform.

Finally, it has a decentralized Investor Services Platform with inbuilt staking rewards powered by Finminity DAO for permissioned community and investor voting for resolutions and other statutory obligations.

So, if we summarize

Investor Engagment

+

Fund Raising across chain

+

Post fund raise Investor services

Q2:What is your roadmap and how has been your journey so far?

Raanngin:As you will see in our Telegram and Social Media/Medium posts, we have made our investor services platform ready for both Ethereum and Binance Smart Chain (BSC). This is already live at https://www.finminity.finance/dapp

For DeFi investors, Staking and Yield is important and to that effect, we will be able to complete our Staking platform by April 2021. More about these can be found in this Medium Article (https://finminity.medium.com/finminity-differentiation-as-a-cross-chain-launchpad-with-integrated-staking-benefits-514198972d64).

Our ETH to BSC Bridge is also coming out this month for all the use cross chain compatbility and benefits.

In addition, our current Finminity DAO that has been programmed on Solidity, will be ported to Polkadot so that we can get the benefit of cross-chain interoperability and DeFi services like staking, voting, and escrow fund release without burning a hole in the user’s wallets for gas prices. The Polkadot enhancement will be done by end of Q2, 2021.

So, the corporate website is www.finminity.com where you get to know more about the company, the business model, team, pitch, whitepaper, roadmap. www.finminity.finance is the App.

Q3:Finminity has this that after users have their tokens and they are unlocked, Uniswap or similar platforms can be used to make them their preferred tokens. What are the use cases of these tokens that specifically make Finminity a long term platform for investors?

Saloni: We have a clear Tokenization use case within the platform otherwise the token value will depreciate. So, these are the following use cases of FMT Tokens –

A. COMPANIES WHO ARE RAISING FUNDS will pay their fees through FMT Token for

*Onboarding to the Platform

*Token creation & associated smart contract configuration

*Dividend Distribution

*Putting Investor Resolution to Vote

B. INVESTORS WHO have TOKENS

* Gets early access to token offerings of the Platform.

* Can do voting in the resolutions and earn more tokens given by the company for their work

* Receive Interest + Dividends

C. 3rd PARTIES and Ecosystem Partners

* Use FMT Tokens to create alternative products like Funds out of tokens

* In the P2P marketplace within Finminity, where these Tokens are traded, the commission or transaction fees can be paid by Finminity tokens.

Q4. Tell us about your competitors and explain why you are dramatically better than them.

Raanngin: Nice question — in crypto and blockchain world less competitors and more partners. We have seen 2 competitors work together as the market is so large,

But still, there are quite a few platforms who are helping to raise funds through crypto but with raising funds comes:

i) investor engagement and

ii) post investment services and a host of associated activities

so that investors interests are kept in priority. Very few are interested to cover the entire gamut but as regulations become more stringent into DeFi, these 2 areas will get more prominence.

We are the only platform that covers those 2 activities in addition to our main business of crypto fund raises through cross chain DApp using both Ethereum and Binance Smart Chain. Our cross chain governance is managed by one of the best blockchain platforms — Polkadot.

And we are proud to say — Our knowledge of running crowdfunding under regulatory supervision has given us this knowledge like no other. We have actually run regulated crowdfunding process and we want to bring some of those risk checks and rug pull safety into Crypto world. And when the regulators allow may be we build a Crpto driven SME bank :)

Q5. What is the information on the team/advisors/partners? Do you have any VCs who have invested?

Saloni: The team has worked in Enterprise Ethereum Blockchain (built an agriculture provenance network) and then into Crypto and DeFi for quite some time. On top of that the team has the experience to run a regulated crowdfunding platform in Middle East, under DFSA/DIFC and doing that has understood what extra best practices that we can bring into crypto, not being rigid like the regulators but take the flexible options.

The combined team has experience of more than 35 years into Information Technology, Consulting with brands like PwC, IBM, Cognizant, Etisalat and has experience of running companies and executing complex projects. The team thinks they have done enough enterprise projects — it is time to make a new difference to the world with a new technology.

We are non-anonymous and can check our profiles on LinkedIn:

RAANNGIN LAHIRIH (CEO/FOUNDER)

LinkedIn: https://www.linkedin.com/in/raanngin/

SHAIK HAMDAN (MARKETING HEAD)

We have X21 Digital and LESTER LIM as our STRATEGIC ADVISOR. He is a respected and known name for supporting really strong projects.

LinkedIn: https://www.linkedin.com/in/lesterlim15/

We have been supported by very strong VC and Private Institutions in Private Sale. Read: https://finminity.medium.com/finminity-raises-1-13m-cd2d7d25936b

Here comes free QA session, guests can choose 1–2 questions to reply.

User1: Finminity tried to launch a pre-sale last November but canceled it at last, why cancel it?

Saloni: The market condition was rough and we decided to call it off and launch when the market would be favourable. All the funds that we had received were returned back to the investors in full :)

User2: Is the fund raised safe? Is KYC madnatory on your platform, why?

Raanngin: Funds raised are safe till is in escrow and money has not been sent to company. The money will be released only when the milestone is met and voting governance is done. But after you release the money the company can still fail for business reasons. We have this escrow to stop this rug pulls and unscrupulous founders.

About KYC, our platform has 2 module-Private fund raising and publci fund raising. For pvt KYC is madnatory. For public fund raising with small amout from investors in decentralized environment its not mandatory. But we ask the company who is raising the funds to talk to their legal team and decide. What we do is that we do a comprehensive due diligence of the company we onbaord as we don’t want scam or rug pull.

Judy_Host of EncryptClub: Thank Raanngi and Saloni for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.